381 State Highway 132
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381 State Highway 132
24 Unit Apartment Building $3,500,000 ($145,833/Unit) 4.15% Cap Rate Devine, TX 78016
Investment Highlights
- Below market rents
- Easy access to I-35
- No deferred maintenance
Executive Summary
100% occupancy on 24 units constructed in 2014 and still in great condition. 12-2 bed/2 bath units and 12-1 bed/1 bath units. Rents have not been increased since 2015. Located in busy and growing area close to I-35 and 30 mins from San Antonio. Additional revenue opportunity on land in rear of property (Approx 1 acre) that can be used to build another multi-family complex, RV park, storage units or single family residences!
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,500,000 | Building Class | B |
| Price Per Unit | $145,833 | Lot Size | 2.16 AC |
| Sale Type | Investment | Building Size | 16,628 SF |
| Cap Rate | 4.15% | Average Occupancy | 100% |
| No. Units | 24 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 2014 |
| Property Subtype | Apartment | Parking Ratio | 2.89/1,000 SF |
| Apartment Style | Low Rise |
| Price | $3,500,000 |
| Price Per Unit | $145,833 |
| Sale Type | Investment |
| Cap Rate | 4.15% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 2.16 AC |
| Building Size | 16,628 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 2014 |
| Parking Ratio | 2.89/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Ceiling Fans
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 12 | $850.00 | - |
| 1+1 | 12 | $650.00 | - |
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PROPERTY TAXES
| Parcel Number | 64622 | Total Assessment | $1,641,600 (2024) |
| Land Assessment | $42,340 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,599,260 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
64622
Land Assessment
$42,340 (2024)
Improvements Assessment
$1,599,260 (2024)
Total Assessment
$1,641,600 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | Commercial (Commercial) |
| Commercial (Commercial) |
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381 State Highway 132
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